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Foreclosure/Deed in Lieu of Foreclosure

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Richard Weaver wrote at 2014-12-24 18:29:47
Consider your options carefully. There are a few things to think about. First of all, if you're going to have the foreclosure regardless, and are looking to buy time, a bankruptcy could be a good option for you. Chapter 7 bankruptcy buys you time. Often in our jurisdiction, we're looking at buying clients -a minimum of 5-6 months. Second, there are alternatives to bankruptcy which you could explore here: foreclosure options. (I cannot guarantee the information on that website but have always found that law firm to provide excellent information. Furthermore, I know that Brian has an interest in helping ya'll but it's good to get multiple opinions. People who want to keep their homes have a good option if they can afford to resume payments in a chapter 13. On the other hand, a deed-in-lieu or foreclosure or short-sale all hold negative connotation but also involve considerable amount of work and effort on the part of the homeowner. On the other hand, a chapter 7 bankruptcy does not require all that effort and also simply holds a negative connotation on the credit like those other events, but also holds the additional benefit of buying you time and also eliminating your other unsecured debt in the process.



Hope that helps!


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Brian Pitcher

Expertise

I can answer all questions in regards to short sales, strategic default, foreclosures, loan modifications, and most questions regarding real estate law.

Experience

I have closed well over 100 short sales in the past 3 years and that is the work we primarily do. We teach people how to keep their home if they can or how to bail on it in the best possible way without any recourse. I have taught many public seminars to accountants, loan mod counselors, attorney's and also many other real estate agents all over the country. I also know how to deal with the very tough second mortgages in the negotiations as well as mechanic liens and default judgements.

Education/Credentials
I have a bachelors in Spanish with a minor in Economics from the University of Utah. I have also been a Realtor for 8 years closing well over 200 transactions. I am a KW instructor for Short Sales and Foreclosures.

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